Pitney Bowes Inc. (PBI) reported third quarter GAAP earnings of $103.2 million or $0.50 per share, compared to $98.2 million or $0.47 per share in the prior year period. GAAP earnings per share for the quarter included a $0.01 loss associated with discontinued operations and a $0.04 charge for restructuring costs associated with our strategic transformation initiatives.
Adjusted earnings per share from continuing operations for the quarter was $114.1 million or $0.55 per share, compared to $139.4 million or $0.67 per share in last year period.
On average, five analysts polled by Thomson Reuters expected the company to report earnings of $0.54 per share. Analysts' estimates typically exclude special items.
Revenue for the quarter was $1.36 billion, compared to $1.55 billion in the prior year period. Five Wall Street analysts expected revenues of $1.41 billion.
Looking forward, for the fiscal year 2009, the company expects GAAP earnings per share from continuing operations in the range of $2.09 to $2.21. The adjusted earnings per share range is now $2.19 to $2.31. Revenue for the year is now expected to decline by 5% to 8% on a constant currency basis and 8% to 11% on a reported basis.
The company previously expected GAAP earnings per share from continuing operations in the range of $2.09 to $2.29 and adjusted earnings per share from continuing operations in the range of $2.15 to $2.35. Revenue was estimated to decline in the range of 4% to 7% on a constant currency basis. On a reported basis, the company expected revenue to decline in the range of 7% to 10%.
Street analysts expect earnings of $2.24 per share for the full-year.
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